Supply Chain Management Principles Learning Block 2 - Practice Questions

Short-, mid-, and long-term planning are collectively used to ensure a balance of supply and demand and to:

Ensure that supply is available

What is the supply chain function that receives inputs from the demand plan to procure materials, equipment, and services?

Procurement

Which of the following is considered to be a binding contract?

Purchase order

After purchase orders are awarded to suppliers, buyers have the additional role of ensuring that:

Purchase orders are tracked for on-time delivery

In many cases, procurement awards purchase orders to suppliers based on:

best value

Strategic sourcing is based on which type of relationship?

cooperative

Procurement employees are often part of a team to determine which type of decision management process?

make or buy

Discussions between buyers and sellers to reach agreements are called:

negotiations

Procurement initiates RFPs and sends them to suppliers. RFP stands for:

request for proposal

RFQs are used to obtain pricing and delivery inputs from suppliers. RFQ stands for:

request for quotation